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Saturday, 7 January 2017

Marine Le Pen Wants France Out Of The Euro, Will Redenominate French Debt In New Currency

French presidential candidate and National Front leader, Marine Le Pen, said she wants to take France out of the euro, reiterating comments made the day before, and - taking a page out of the Yanis Varoufakis Grexit negotiating strategy playbook - added she wants to redenominate French government debt in a new national currency.“More and more European citizens realize their economies have been suffocated by the euro,” she told reporters on the sidelines of a press conference in Paris quoted by Bloomberg.

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Additionally, following the British example. Le Pen said that before leaving the euro, she would hold a referendum on France’s relations with the European Union and has pledged to hold such a vote within six months of an election victory. “A national currency could be linked to a common currency,” she added, without giving further details on the connection. She said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999.

As Politico noted overnight, the National Front chief has long called for “Frexit,” a French withdrawal from the European Union. This would happen after a referendum on EU membership if she was elected next May (Le Pen has suggested that she would step down if the French rejected her preferred outcome).